Melbourne Victory FC was established in 2004, after the closure of the National Soccer League and prior to the inaugural A-League season. The club have become the A-League's most successful team and have developed immense popularity, regularly attracting the largest attendances in the country. Their main rivals are Sydney FC, and matches between the two clubs have become known as The Big Blue. They also contest the Melbourne Derby with Melbourne Heart, their main local rivals.

Over the course of the 2008-09 season, Melbourne Victory made history by achieving a domestic treble. This began with a victory in the A-League Pre-Season Challenge Cup, where they overcame Wellington Phoenix in the final. Then, in the regular season, the club finished in 1st place to win the Premiership, before advancing to the Finals Series. Here, they defeated Adelaide United in the Grand Final to win their third major honour of the year.

In total, Melbourne Victory have been A-League champions twice and Premiership winners on two occasions as well. They have made five appearances in the Finals Series and in 2012-13, the team won the National Youth League. Their best performance in a continental competition came in the 2008 edition of the Asian Champions League, where they reached the last 16 phase of the tournament.

Australian international Archie Thompson is perhaps the most significant player to play for the club, and he currently holds the team's all-time records for goalscoring and appearances. Other notable players to represent the team include Danny Allsopp, Kevin Muscat and Carlos Hernández.

The Victory play their home games at the Melbourne Rectangular Stadium, which is currently known as AAMI Park for sponsorship reasons. The venue first opened its doors in 2010. It was named the 'Most Iconic and Culturally Significant Stadium' at the World Stadium Awards in 2012 and is able to hold up to 30,050 spectators.